2 GESTIÓN EN ONGD: RETOS Y ENFOQUES
2.5 Enfoques de solución
Income from rents and leases for properties recognised in
accordance with IAS 40 increased by €5,624 thousand to €52,447 thousand in the reporting year. The change was due to rent increases due to property additions in the reporting year and the previous year (€5,752 thousand), rent losses as a result of property disposals (€–593 thousand) and increases in rents (like-for-like) of €465 thousand. HAMBORNER generated more than 10% of its rental income with the EDEKA Group (€7.4 million; previous year: €7.0 million) in the 2015 financial year.
Other provisions
Current provisions are recognised in the amount of expected utilisation (best estimate) without discounting and take into account all obligations identifiable at the end of the reporting period based on transactions or past events for which the amount or timing is uncertain. This includes only third-party obligations for which an outflow of assets is likely.
Provisions for obligations that will not result in a reduc- tion of assets in the subsequent year are recognised in the amount of the present value of the forecast outflow of assets. Long-term, share-based Managing Board remuneration is measured with the fair value of the liability as at the end of each reporting period and on the settlement date. All changes in fair value are recognised in profit or loss.
Financial liabilities
Liabilities are measured at fair value taking into account transaction costs on first-time recognition. Subsequent measurement is at amortised cost using the effective interest method. Liabilities are classified as non-current if the agreements provide for repayment after twelve months.
Recognition of expenses and revenue
The recognition of revenue and other operating income is based on when services are rendered or, for sales transactions, when substantially all the risks and rewards of ownership have been transferred to the buyer.
Operating expenses are recognised when services are utilised or when they are incurred.
€ thousand 2015 2014
income from rents and leases
Retail space 31,869 27,591
Office space and medical practices 17,957 16,571
Production and other
commercial space 1,736 1,854
Apartments 279 288
Garages / car parking spaces 303 219
Other lettings and leases (agricultural leases, licensing
agreements, etc.) 179 160
Income from rent guarantees 124 140
Total 52,447 46,823
Income from passed-on incidental
costs to tenants 5,722 5,650
Total 58,169 52,473
Real estate operating expenses −8,127 −7,371
Property and building maintenance −2,587 −2,244
Net rental income 47,455 42,858
separate financial statements (ifrs)
Income from passed-on incidental costs to tenants mainly
includes advances on billable heating and operating costs in addition to fractional amounts on heating and operating costs billed in the financial year. This income increased by €72 thousand in the reporting year. €571 thousand of the increase in income from passed-on incidental costs to tenants was due to the change in the investment property portfolio. By contrast, the income from reallocating incidental costs to tenants for the other properties in the portfolio increased by a total of €499 thousand.
Most of the real estate operating expenses can be passed
on to the tenants under the terms of their rental agree- ments. They increased by €756 thousand to €8,127 thou- sand as a result of changes in the property portfolio.
The expenses for property and building maintenance
amounted to €2,587 thousand compared to €2,244 thou- sand in the previous year. The costs relate predominantly to various minor planned measures and ongoing maintenance. The direct operating expenses for our leased property were €10,714 thousand in the reporting year (previous year: €9,615 thousand). With the exception of temporary, partial vacancies in individual properties, the entire inventory was let at the end of the reporting period.
(2) Administrative expenses
The item includes the costs for the Annual General Meeting, the Supervisory Board and the auditor as stipulated in the Articles of Association and actual costs of administration.
The following fees were recognised for the appointed auditor in the financial year:
Other assurance services in the reporting year mainly include €513 thousand in fees in connection with the capital increase in July, which were offset against capital reserves.
(3) Personnel expenses
The increase in personnel expenses of €398 thousand to €3,850 thousand (previous year: €3,452 thousand) results in part from the higher headcount than in the previous year, general pay adjustments and the adjust- ment not yet recognised in cash of variable, long-term and share-based Managing Board remuneration (LTI), which was up accordingly as a result of the approxi- mately 18% rise in the price of HAMBORNER shares as against 31 December 2014.
(4) Amortisation of intangible assets, depreciation of property, plant and equipment and investment property
The depreciation and amortisation expense was up €1,027 thousand on the previous year at €18,868 thou- sand. €18,827 thousand of this increase relates to invest-
€ thousand 2015 2014
Wages and salaries 3,426 3,062
Social security contributions and
related expenses 348 318
Retirement benefit expenses /
pension expenses 76 72
Total 3,850 3,452
€ thousand 2015 2014
real estate operating expenses
Energy, water, etc. 4,540 4,034
Land taxes 1,813 1,684
Other property charges 664 623
Ground rent costs 559 543
Insurance premiums 372 346
Miscellaneous 179 141
Total 8,127 7,371
€ thousand 2015 2014
Audits of financial statements 85 86
Other assurance services 524 10
Tax advisory services 10 0
Other services 0 9 Total 619 105 sep ara te financial s ta tements (ifrs)
(5) Other operating income
Other operating income breaks down as follows:
(6) Other operating expenses
Other operating expenses decreased by €381 thousand to €896 thousand. At €293 thousand, the decline is essentially due to the inflation-based adjustment of the provision for mining damage in the previous year. In the reporting year this item includes legal and consulting costs of €267 thou- sand (previous year: €195 thousand) and costs of public relations work of €142 thousand (previous year: €173 thou- sand). Furthermore, the item includes input tax adjust- ments due to the conclusion of VAT-exempt leases (section 15a of the Umsatzsteuergesetz (UStG – German VAT Act) of €280 thousand (previous year: €304 thousand), all of which (previous year: €270 thousand) was passed on to the tenants in question (see table under note (5)).
(7) Result from the sale of investment property
In the reporting year we generated net income from the disposal of property of €3,434 thousand after €10,688 thou- sand in the previous year. This resulted from the disposal
(8) Financial result
The financial result consists solely of interest income and expenses. The interest income amounts to €17 thousand (previous year: €68 thousand) and mainly consists of inter- est on call money or fixed-term deposits at various banks. At €365 thousand, the decline in interest expenses of €230 thousand to €13,310 thousand is due in particular to interest effects on both pension provisions and the on pro- visions for mining damage. By contrast, interest expenses from property loans rose by €143 thousand in 2015 as a result of new borrowing. €13,125 thousand of interest expenses relates to financial liabilities (previous year: €12,985 thousand).
The interest expenses for interest rate hedges amounted to €3,256 thousand (previous year: €3,217 thousand). The payments we make quarterly on the basis of agreed interest rates amounted to €3,273 thousand in the reporting year (previous year: €3,399 thousand).
In return, we received variable interest in line with agree- ments on the basis of three-month EURIBOR of €17 thou- sand (previous year: €182 thousand). For further details and information on interest rate hedges please see note 17.
(9) Earnings per share
The net profit for the year amounted to €13,775 thousand, down €3,334 thousand on the figure for the previous year. Earnings per share amounted to €0.25 and are calculated in line with IAS 33. Thus, earnings per share are deter- mined by dividing the net profit for the period attributable to the shareholders by the weighted average number of shares in the financial year.
Earnings per share are not diluted by, for example, stock options or convertible bonds as HAMBORNER has no such programmes. The basic and diluted earnings per share are therefore the same.
€ thousand 2015 2014
Compensation for delayed
transfer in Aachen 354 0
Compensation in connection with
section 15a UStG 282 270
Reversal of provisions and accruals 74 157
Compensation for early lease
termination 89 115
Other compensation and
reimbursement 48 42
Charges passed on to tenants
and leaseholders 73 36
Miscellaneous 68 94
Total 988 714
separate financial statements (ifrs)